CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott) announced seven new management contracts, adding over 1,500 apartment units to its portfolio. With the new contracts Ascott has strengthened its leadership position as the largest serviced residence operator in Southeast Asia.

Mr Lee Chee Koon, Ascott’s Chief Executive Officer, said: “Southeast Asia is Ascott’s fastest growing market and second largest globally after China. We started the year strongly by increasing Ascott’s portfolio in Southeast Asia to more than 15,000 apartment units across 80 properties in nine countries. Currently, about 40% of our apartment units under development globally are concentrated in this region.”

Ascott has expanded in Bangkok in Thailand, Hanoi in Vietnam, and Petaling Jaya in Malaysia while venturing into Bandung in Indonesia, Penang and Shah Alam in Malaysia, and Nha Trang in Vietnam as demand for serviced residences heats up. It also celebrated the opening of Somerset Medini Nusajaya, Ascott’s second serviced residence in Iskandar Malaysia.

“Besides growing Ascott’s presence in the capital cities, our entry into secondary cities such as Bandung, Penang, Shah Alam and Nha Trang will allow us to cater to the increasing demand for international-class serviced residences in these markets. Ascott will be the first international serviced residence company to set foot in these markets, as we have built a strong reputation for top quality and reliability, which are of utmost importance to travellers, expatriates and property owners. Many property owners around the world have chosen Ascott to manage their properties because we have the expertise in managing award-winning properties worldwide. These new properties will strengthen Ascott’s position as the largest international serviced residence owner-operator in Indonesia, Malaysia, Thailand and Vietnam,” added Mr Koon.

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